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ALBUQUERQUE, N.M., Oct. 3, 2022 /PRNewswire/ -- Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), is filing a plan with the New Mexico Public Regulation Commission (NMPRC) today to modernize its grid through infrastructure investments designed to use state-of-the art technology for a resilient, reliable, efficient and decarbonized electric system.
The plan is part of a longer-term grid modernization deployment and identifies the investments necessary to achieve New Mexico's clean energy transition, including smart meters and greater physical security and cybersecurity infrastructure to protect the data and information generated by the new metering capabilities.
"This filing is a major step forward for New Mexico and our customers," said Pat Vincent-Collawn, PNM Resources Chairman and CEO. "This grid modernization plan is critical to enable PNM to move to a system where electricity is generated from different sources. We remain committed to providing reliable, sustainable energy to the people we serve."
The focused six-year plan includes $344 million of investments and converts the grid to a two-way communication path, allowing customers to gain insights over their energy usage and allowing PNM visibility into the real-time status of the distribution grid to reduce outages or eliminate problems before they occur. In addition, distributed resources can be integrated more quickly, and energy efficiency and load management programs can be designed more effectively.
Deployment of the smart meters and distribution system upgrades will be prioritized for low-income and underserved communities to provide these customers with timely and equal access to clean energy opportunities and customer benefits.
The plan is subject to NMPRC approval. Consistent with grid modernization legislation passed in 2020, PNM has requested recovery of approved projects through a tariff rider.
The company's filing will be available later today at https://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2021 consolidated operating revenues of $1.8 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.7 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company's website at www.PNMResources.com.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any remaining required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.